Litecoin price is rising above $90 against the US dollar. LTC could rise above $100 and head towards the $110 resistance.
- Litecoin is steadily rising towards $100 against the US dollar.
- The price is currently trading above $90 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the LTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance near $86.20.
- The price could rise further to the $100 and $110 levels.
Litecoin price gains strength again
After forming a base above the $80 level, the price of Litecoin began a new rise against the US dollar. LTC price has now broken the $85 resistance level to start a rally.
On the 4-hours chart of the LTC/USD pair, a breakout occurred above the main bearish trendline with resistance near $86.20. The pair rose more than 10% and outperformed both Bitcoin and Ethereum. It even rose to the $92 level. A high was formed near $95.85 and the price is consolidating gains above the 23.6% Fib retracement level rising from the $81.70 swing low to the $95.85 high.
Litecoin is currently trading above $90 and the 100 simple moving average (4-hours). On the other hand, immediate resistance is near $96. The next major resistance is near the $100 level. If there is a clear break above the $100 resistance, the price could begin a strong rise once again.
Source: TradingView.com LTCUSD
As stated, the price is likely to continue higher towards the $108 and $110 levels. Any more profits could push the price of LTC towards the $120 resistance area.
Are Dips limited in LTC?
If Litecoin price fails to clear the $100 resistance level, there may be a downward correction. Initial support for the downside is near the $92 level.
The next major support is formed near the $88.50 level or the 50% Fib retracement level in the rise from the $81.70 swing low to the $95.85 high, below which there is a risk of a move towards the $85.00 support. Any further losses could push the price towards the $82 support level.
Technical indicators:
4-Hour MACD – MACD is now pacing in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for LTC/USD is above the 50 level.
Key support levels – $92.50 followed by $88.50.
Key resistance levels – $96.00 and $100.00.